New Delhi: The Indian start-up ecosystem has gained global recognition and respect said Ashwini Vaishnaw, Minister for IT and Communications. He also asked the start-ups and entrepreneurs to come out with inclusive new-age solutions of transforming the lives of poor and marginalised sections.
He termed start-ups as “accelerators”. The minister said, “Combination of their multiplier force along with the strength of a trusted post office network can yield phenomenal results for financial inclusion goals.”
Speaking at the launch of the ‘Fincluvation’ initiative he said, “Understand the gravity of the convergence of humanity and technology…keep the bottom of the pyramid in mind for all programmes…The goal is to reach the last person in the society.”
Fincluvation has been launched by India Post Payments Bank (IPPB), an entity under the Department of Posts (DoP). In is a collaborative initiative by the fintech start-up community to co-create and innovate solutions for financial inclusion.
Start-ups will give encouragement to the developing solutions aligned to tracks such as creditisation, digitisation, and any market-led solution that can help solve a problem relevant to IPPB or DoP in serving target customers.
“Today Indian start-up ecosystem is respected all over the world. We are today among the top three start-up ecosystems in the world,” the minister said.
He said that collaborations with start-ups across multiple sectors has led to amazing results.
Speaking of government partnership with start-ups he said, “In each sector, where the government has partnered with start-ups, the results have been phenomenal and amazing.”
He noted that Fincluvation’s aim is to create a powerful platform for mobolizing the start-up community towards building meaningful financial products aimed at financial inclusion. A combination of IPPB’s banking stack, DoP’s trustworthy doorstep service network and the techno-functional acumen of start-ups can deliver unmatched value to the citizens of the country, he said.
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